The truth about taxes, of course, is that what's considered too much, too little or just right is a subjective, political judgment.

The facts about the top 1% -- at least according to the latest data from the IRS and related analysis-- are these:

It took at least $389,000 of adjusted gross household income (AGI) in 2011 to rank above the other 99% of U.S. tax filers. Of course, AGI doesn't include tax-exempt income, which can be substantial for the wealthiest households and lower the taxes they pay as a percent of their overall income.